Monday, October 2, 2017 / by Amy Francoeur
As we look back at September and wonder where it went, we can’t help being excited for the Fall activities ahead. Victoria Real Estate in September saw over 1,000 new residential listings, with 640 sales.
“We can certainly feel the difference in the current market when we compare to last year’s record breaking numbers. Last year the pace of the market was intense, there was a lot of pressure on pricing and demand,” notes Victoria Real Estate Board President Ara Balabanian. “Now the tempo of the market is trending slowly – very slowly – towards more balanced conditions. Recently we’ve seen overall price increases level out, which can indicate slightly less demand, and inventory is building.”
“Simply because we’ve seen sales drop from last year is not dire or unexpected news for our local real estate market.” adds President Balabanian. “The ten year average for sales in September is 573 properties and the month exceeded that average by more than ten per cent, which indicates we’re still in an active market. And of course there are neighbourhoods that are still tracking up in terms of value from last year. It’s for reasons like these that now more than ever it makes sense to seek the assistance of a local REALTOR® to sell or buy your home.”
As for condos, we’re still seeing a slight increase in sales (4% over September of last year), with an average sale price of $488,348 (28% increase over September of last year), and a much quicker time to sell with an average of 25 days (19% faster than September of last year). The overall number of condos on the market has increased by 6% since September of last year, but condo sales are still strong and we continue to see multiple offers on our condo listings.
To read the full release, check it out here: http://www.vreb.org/current-statistics
If you’re looking to purchase or sell a property in the current market, or in the future, get in touch with The Condo Group for more information at 250-382-6636.
— Amy Francoeur